Jane Fraser, a 16-year veteran of Citibank and the head of the company's global consumer banking unit, will be Citi's next CEO, making her the first female chosen to lead a U.S. megabank, according to a CNBC report.

Fraser will succeed Citi CEO Michael Corbat, who has been in the top position for the past eight years. Corbat plans to retire in February 2021, after 37 years at Citi.

Jim Cramer, host of CNBC's financial programs, 'Squawk on the Street' and 'Mad Money', applauded Fraser's appointment.

"The glass ceiling in banking maybe is finally cracking. This is revolutionary and we can't deny it," Cramer said while broadcasting live on Squawk on the Street.

Cramer praised Fraser's accomplishments at Citi, crediting her with taking the company from a growth net income of approximately $7.5 billion to $19.4 billion, with a return of $80 billion in capital.

Although her appointment won't take place until February, Fraser has been named to the Citi board, effective immediately.